Insurtech launches agentic AI risk assessment tool

London-based insurtech Cytora has launched a new platform that includes agentic artificial intelligence (AI), which is aimed at helping enhance explainability and confidence scoring in risk selection for commercial brokers and insurers.

Agentic AI refers to artificial intelligence systems that can operate autonomously, make decisions and take actions to achieve specific goals – unlike traditional AI, agentic AI exhibits characteristics of agency, meaning it can plan, adapt and execute complex tasks with minimal human oversight. 

Cytora explained that the new platform can digitise any transaction type, regardless of size and complexity, with zero training required. It added that this would allow insurers to digitise their entire intake, including the most complex risk submissions documents such as loss runs and schedules of values.

The platform also features intuitive human review features, allowing admin users to accelerate the review of thousands of nested fields. The AI is also able to explain its decisions like members of the team, said the insurtech. 

Major step forward

Cytora, which recently announced partnerships with insurers Chubb, Arch and Everest, built the platform with the aim of enabling commercial brokers, insurers and reinsurers to process higher volumes of risk at lower marginal cost with improved control over risk selection.

Transaction volume processed by the Cytora platform grew by a factor of seven in 2024, according to a statement from the firm.

Juan de Castro, chief operating officer at Cytora, said: “Cytora Platform 3.0 marks a major step forward in digital risk processing for commercial insurers.

“With agentic risk digitisation, we have substantially increased the capability of our platform to digitise the highest complexity transactions and at the same time, enhance explainability, transparency and user experience.”